Yes since you and your wife, both are co-owners as well as co-borrowers, both will be eligible to avail benefit of Section 80C and Section 24...Tell your wife to deposit her share in EMI to your bank account....
Further please note that deductions will be as per proportionate share in property...If total interest paid during year was Rs 2,60,000 and share among both of you is in ration of 60:40, then 60% of 2,60,000 can be claimed by you and remaining balance by your wife...
Hope it helps.